Shares in Sangamo BioSciences (SGMO) jump 15.4% after it announces a partnership with Biogen Idec (BIIB) for the development of new therapies for two inherited blood disorders, sickle cell disease and beta-thalassemia.
Sangamo will receive $20M up front, as much as $300M in milestone payments and royalties.
The companies will use Sangamo's zinc finger nuclease genome-editing technology to address "the abnormal structure or underproduction of hemoglobin" by eliminating a key regulator of gene expression or inserting a corrective gene that will replace a defective one causing disease. (PR)
Sangamo is holding a conference call to discuss the deal.